Amazon just hit an all-time high as Prime Day kicks off

Prime Day, which kicks off Monday afternoon, could bring in $US3.6 billion in sales, one analyst estimates.

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Shares of Amazon reached a new record of $US1,830.99 on Monday morning, hours before the e-commerce giant’s annual Prime Day sale is set to kick off.

The 36-hour event could bring in $US3.6 billion in sales, one analyst estimates, up from $US2.4 billion just a year ago.

“There’s a much broader push this year, from discounts, to the type of inventory, and Amazon’s marketing push as well,” Daniel Ives of GBH Insights said in an interview. “When you think about Alexa, smart speakers, and smart home products, it’s really becoming more and more essential to the consumer. Discounts on Echo and other Alexa products today are really just the tip of the iceberg.”

Amazon also received a price target upgrade from Credit Suisse on Monday, which now expects the stock to hit $US2,000 in the next 12 months.

“We expect Retail Subscription Services Revenue to grow 47% year over year to reach $US3.2 billion in 2Q18 – this is versus the 60% growth for 1Q17 and 51% of a year ago,” Credit Suisse said. Retail subscriptions includes Prime membership, which costs $US119 per year.

Amazon is expected to report second quarter earnings on July 26. The stock is up 54% since the beginning of the year.